Fitch Ratings upgraded Energa SA's rating
Belongs to:
- Current reports
Current Report No. 45/2022
Date: 17 November 2022
Subject: Fitch Ratings upgraded Energa SA's rating
Legal basis: Article 17 (1) of MAR - inside information
The Management Board of Energa SA (_quot;Company_quot;) informs that, on 17 November 2022 Fitch Ratings (_quot;Agency_quot;, _quot;Fitch_quot;) upgraded the Company's foreign currency long-term Issuer Default Rating (IDR) from the level of 'BBB-' to 'BBB+' with a stable outlook. At the same time the rating was removed from Rating Watch Positive (RWP).
The rating action follows the upgrade by the Agency of the rating of the Company's majority owner PKN ORLEN S.A., to 'BBB+' with a stable outlook. Among others, Fitch indicates that the Energa Group is a key part of the ORLEN Group's strategy with regards to energy transition, playing an important role in investing in renewables, including onshore and offshore wind and also in gas-fired power plants.
The Agency also upgraded the following ratings of the Company and its debt:
- the Company's local currency long-term Issuer Default Rating: from 'BBB-' to 'BBB+',
- long-term national rating: from _#8216;A(pol)' do _#8216;AA+(pol)',
- the Company's foreign-currency long-term senior unsecured rating: from 'BBB-' to 'BBB+',
- the Company's long-term rating of subordinated debt: from 'BB' to 'BBB-'
- long-term national senior unsecured rating: from _#8216;A(pol)' do _#8216;AA+(pol)',
and foreign-currency long-term senior unsecured rating for the bonds issued by the Company's subsidiary Energa Finance AB (publ): from 'BBB-' to 'BBB+'.
The full text of the Agency's report is available on Fitch Ratings website. The rating was awarded at the request of the Company.